Europe

Investors have been taking their cash out of European high yield funds throughout March. But a closer look into flows reveals that short term funds have grown.

Turkish bank refinancing activity has ramped up, with Ziraat Bank signing its $1bn syndicated loan on Monday after Yapi Kredi sent out a request for proposals (RFP) at the end of last week.

Russian borrowers are wasting no time in dealing with the $7.29bn of corporate bonds about to come due. After a record $2.8bn poured into the asset class last week, it is easy to see why borrowers view this as the time to tap the market.

Erste Bank picked banks to arrange its return to the additional tier one (AT1) market on Tuesday, as the Austrian credit looked to capitalise on lower funding costs and renewed appetite for debt from country’s banks.

Laird, the UK maker of mobile phone parts, microchips and antennas, has finished its £185m rights issue to bolster its balance sheet after a fall in profits last year.

Banco Popular Español’s capital levels could fall after it announced this week that it may have to restate its annual accounts for 2016. The impact would raise the risk that the Spanish bank loses the ability to make coupon payments on its additional tier one (AT1) instruments.

CVC has acquired a 25% stake in Spanish oil transportation and storage firm CLH, making it the largest shareholder in the firm.

A pair of European borrowers debuted socially responsible investment bonds on Monday, raising a combined €1.2bn, with one able to tighten its price by several basis points.

With bankers grappling for Russian deals, Credit Bank of Moscow has come out on top, signing an oversubscribed $500m syndicated loan on Monday.

Just two working days after shares in “New Abengoa” began trading, the Spanish engineering and construction sector was hit on Monday by another credit risk crisis — Isolux Corsán has until July to find €400m to avoid insolvency.

Acetow, the cigarette filter maker Blackstone is carving out of parent Solvay, has launched €630m-equivalent of loan facilities for the buyout, four months after it was announced.

Swedish Export Credit Corporation (SEK) has returned to sterling for a tap of a December 2020 line, as investors’ confidence in the currency grows.